Re: Chase And Their New Account Service Charges

This is not hysteria - use some common sense. These notices just started being received within the past few days, enclosed with customers' monthly statements. The Chase statement I received 11/10 for one account did not have the enclosure, the statement I received 11/13 for another account did have it. As the month progresses, and other Chase customers receive their statement and read their insert (if they bother to read it), they will no doubt be posting here and at CB, where it has also been reported. The fee and minimum payment changes go into effect after January 1, so of course the new fee and the new minimum payment have not appeared on the statements yet.

It's unclear how universal this new structure will be. I have several Chase accounts, my balance is less than 20% of my CL, and I have a FICO of 755, so it doesn't appear that these changes are limited only to subprime customers. As was mentioned in earlier posts, these changes will have a serious effect on people who maintain balances and are struggling to make ends meet already because of the economy. The increase in minimum payments from 2% to 5% is just vicious ...

Re: Chase And Their New Account Service Charges

You have made my point well. A few people on the forum have mentioned this. (a very few) You, nor I , or anyone else can say for sure that this is an across the board action or action against certain individuals taken as an alternative to , let's say, CLD or worse.

When one predicts catastrophe based on so little information, hysteria is quite an appropriate word to use.

Nothing personal, I just like to be reasonable and logical. If I am wrong , I have lost nothing. If I am correct , I have gained nothing. (right where I was before this thread was started)

NMN

Revike wrote:

This is not hysteria - use some common sense. These notices just started being received within the past few days, enclosed with customers' monthly statements. The Chase statement I received 11/10 for one account did not have the enclosure, the statement I received 11/13 for another account did have it. As the month progresses, and other Chase customers receive their statement and read their insert (if they bother to read it), they will no doubt be posting here and at CB, where it has also been reported. The fee and minimum payment changes go into effect after January 1, so of course the new fee and the new minimum payment have not appeared on the statements yet.

It's unclear how universal this new structure will be. I have several Chase accounts, my balance is less than 20% of my CL, and I have a FICO of 755, so it doesn't appear that these changes are limited only to subprime customers. As was mentioned in earlier posts, these changes will have a serious effect on people who maintain balances and are struggling to make ends meet already because of the economy. The increase in minimum payments from 2% to 5% is just vicious ...

Re: Chase And Their New Account Service Charges

Sorry, I don't see hysteria as being appropriate. More like naive posting by the poster labeling the "hysteria".

Chase is currently trying to get money (ie violate contracted low rate borrowing) from those with the most ability to pay. As a high income flawless credit owner who has over the last 5 years taken the free money in arbitrage let me share a little info.

I too have received this letter - only on my for life ultra low APR balances. Read the print and Chase is trying to skirt the opt-out mandate by calling this a finance charge and not an APR change - which of course in essence it is.

They are doing this because of the coming changes in the new administration /Congress which will prevent them from having any argument in not providing an opt out.

I know - being up on the Delaware code and surrounding litigation - that they MUST offer an opt out in these cases for substantive and procedural reasons (unless you commit a "default"), but they will deny this - to what extent I don't know - but get your addresses and certified mail out within 15 days - they will not be forthcoming for the reasons above.

And of course the 2% v 5% matters - if you are winning the arbitrage game you want to payback as slow as possible. That's their fallback - they really want you just to pay off the balance. This is all repeated history - ie pressures on homeowners in the late 70s to pay off low interest mortages from the 60s. Instead now instead of offering incentives, they offer penalties and a seeming dead end (no-opt out), an illegal dead end but one they hope to get away with to their benefit.

Rather a nice system - those who actually pay taxes provide not only the money for the bailout - oh sorry "recapitalization" - so the credit crunch will "ease" (aka big boys will hoard "their" money to cover past mistakes) but then they use the "environment" to take liquidity out of the system from people who actually have the means to use it in a capitalist way - ie. keep that extra employee.

Re: Chase And Their New Account Service Charges

In order to advance the great info from the OP - I suggest the thread concentrate on stories of interactions with customer service and/or opt out letters - and how to battle this attempt and stay under the original terms of low apr life of balance offers Chase gave out of their own free will.

Re: Chase And Their New Account Service Charges

It appears that Chase has not started posting the online version of the "insert" yet. The mailed statement that I received 11/13, which included the insert, was for my account that closed 11/8. However, I just checked Chase online, and my last three messages were dated 11/1, 11/1, and 11/7, and were all for minor changes that went into effect 11/16.

I agree that this obviously appears to be a method for Chase to manipulate those accounts where customers accepted one of their "low rate until the balance is paid off" offers.

Of my four accounts, only one started as a "true" Chase account - the others started with banks that Chase eventually absorbed. Each has differences in interest rates, and the offers that have come over the years have always differed slightly for each account. There is a possibility that only some of these will be targeted with the change in terms, but I rather doubt it.

Chase expects the majority of customers who accept these offers with rates of 2.99%, 3.82%, etc. to eventually make other charges at "normal" interest rates, and those higher-interest balances will generate income since they will be paid off last. Chase does not like accounts where only the transferred balance is carried, and this is their way to weasel out of their original terms ...

Re: Chase And Their New Account Service Charges

I wonder if they are doing this to get back at me for using a 3.99%-for-life BT to pay off my $11.5K Chase auto loan, which was at 9.24%. My payment didn't move; they wanted $235/mo before, and now they want $232. I've been paying $240. If I have to pay 5%, my payment will go up to about $575! I'm not sure what I'll do. Any BT I do now will make me pay the full 3% fee, as there are no more caps on any of my cards.

I also wonder if this is what this email I received on Nov 13th was about:

Dear Chase Online Customer:

An important service announcement regarding "Important updates toyour Chase Online Legal Agreement" has been sent to your SecureMessage Center. To see your message, log on to www.Chase.com andclick the "You have new mail" link in the upper left corner ofthe My Accounts page. If you are already logged on to ChaseOnline, you can see your message(s) at any time by visiting theSecure Message Center.

The message will be available in you Message Center until01/30/2009.

Important! This service announcement will not appear in your inboxuntil you access your Secure Message Center. So, even if your MyAccounts page says "You have no new messages," please go to yourinbox to read this important announcement.

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation.
Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies.
Many factors affect your FICO Scores and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating.
FTC's website on credit.

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.